8 Hrs
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وكالة الأنباء القطرية
OPEC Chief on Market Stability
OPEC Secretary General Haitham Al-Ghais emphasized that the stability of oil markets is their top priority. The organization is focused on maintaining balance and peace in energy markets, rather than directing oil prices. He explained that the OPEC+ alliance has played a pivotal role in protecting the global economy from sharp fluctuations in supplies, with member countries adopting alternative logistical solutions to confront geopolitical tensions in the Strait of Hormuz and ensure energy flows. He projected that global demand will continue to grow significantly, reaching 124 million barrels per day by 2050, with an estimated investment of $17.7 trillion needed to achieve this. Al-Ghais also called for a redefinition of climate policies as "energy additions," emphasizing the importance of integrating various energy sources. He pointed out that demand growth will be driven mainly by markets in Asia, Latin America, and Africa, with an expected increase in oil production outside of OPEC+ to around 54.8 million barrels per day.
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